Neo, Matic And Link Rally To Supply Zones!

NEO ANALYSIS: OCTOBER, 2021

Market Structure:

Neo is an open-source platform that leverages the intrinsic value of blockchain networks to improve technology. Here’s the market structure of Neo.

Neo is trading at $45.89. The market structure of Neo is bullish due to the break of structure on the daily time frame. The coin broke the previous lower-high structure that was positioned at $43.88. The immediate resistance on the daily chart according to the Fibonacci levels is placed at $46.58. The last resistance is positioned at $50.03. On the other hand, the support is present at $44.45 and $42.72 respectively. The coin must break either level in order to show a good move. However, since the coin has bottomed out, chances of more upside are more likely.

On the other hand, Neo has witnessed a change in trend as the coin has bottomed out. Since then, it has broken two lower time frame structure points at $44.79 and $45.12 respectively. This breakout was facilitated by good bullish volumes as well as a rising 20-day exponential moving average.

Neo analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating extreme price strength for the coin in the short-term. The hourly RSI is hovering near the overbought region due to the break of multiple structures. It stands at 66.93 and has the potential to go higher.

The MACD is above the signal line as the coin has reversed its trend to bullish.

Neo analysis
Source: tradingview

Conclusion:

On the breakout and close above $45.97, $46.77 and $47.50 are the targets on the upside.

On the breakdown and close below $45.41, $44.89 and $44.11 are the targets on the downside.

MATIC ANALYSIS: OCTOBER, 2021

Market Structure:

Matic is an Ethereum-based ERC-20 token operating on the Polygon blockchain network. Here’s the market structure of Matic.

Matic is trading at $1.275. The market structure of Matic is mildly bullish as the coin is sustaining above the previous structure point. This structure point was formed at $1.230 which the coin broke a week earlier. Since then, Matic has been consolidating in a narrow range between the demand and supply zone. $1.351 serves as the resistance while $1.246 serves as a crucial support. The coin must break either side to gain good momentum. Volumes are required for a breakout or a breakdown.

On the hourly chart, the coin has given a breakout of the supply zone which ranged from $1.258 to $1.265. After invalidating the supply zone, the coin retested it by making a huge lower shadowed candle. The chances of upside cannot be ruled out as a continuation is highly probable. Still, the overhead resistance at the Fibonacci level must be broken for a clear confirmation.

Neo analysis Matic
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating extreme price strength for the coin in the short-term. The hourly RSI is slightly above the overbought region due to the invalidation of the supply zone. It stands at 70.34 and has the potential to cool down.

The MACD is above the signal line as the coin has rallied above its supply zone.

Neo analysis Matic
Source: tradingview

Conclusion:

On the breakout and close above $1.280, $1.293 and $1.350 are the targets on the upside.

On the breakdown and close below $1.258, $1.238 and $1.200 are the targets on the downside.

LINK ANALYSIS: OCTOBER, 2021

Market Structure:

Chainlink is the most widely used oracle network for powering hybrid blockchain networks. Here’s the market structure of Chainlink.

Chainlink is trading at $27.35. The market structure of Chainlink is highly indecisive as the coin has been stuck in a range since a week. The resistance is placed between the range of $27.72 and $28.21. On the other hand, the support at the lower end of the consolidation is placed between $24.31 to $24.64. On the break of either side, Chainlink will witness a huge movement provided that the inflow of volumes is high. The rally, if any, should be supported by a rising 20-day exponential moving average.

On the hourly chart, the coin has shown an outstanding rally in the last eighteen hours. The coin has now reached its aforementioned supply zone from where it may face a rejection.

Link analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating extreme price strength for the coin in the short-term. The hourly RSI is way above the overbought region due to a 13% surge in value. It stands at 74.11 and has the potential to cool down.

The MACD is above the signal line as the coin has rallied by over 13% in the last day.

Link analysis
Source: tradingview

Conclusion:

On the breakout and close above $27.75, $28.50 and $29.50 are the targets on the upside.

On the breakdown and close below $26.89, $26.13 and $25.47 are the targets on the downside.